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Nov 19, 2012

All About Abatements in Service Tax

CA Final Exam of Indirect Tax Laws on 27.11.2012

Posted: 19 Nov 2012 07:35 PM PST

CA-Final exam in Mumbai/Navi Mumbai [Zone I to Zone XI], Thane, and Panvel rescheduled to 27th November, 2012 – Same venue and same timings.

All About Abatements in Service Tax

Posted: 19 Nov 2012 07:34 PM PST

 CA Sanjeev Singhal, FCA, DISA Abatement has been provided in Notification no. 26/2012 dated 20.6.2012 effective from 1.7.2012 1.Financial leasing services- 10% taxable Financial leasing includes hire charges but excludes operating lease The value of taxable service would be 10% i.e. abatement of...

Professional Opportunities In Service Tax

Posted: 19 Nov 2012 07:33 PM PST

As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is considered to be well equipped to position in the dynamic...

Income from trading in shares in regular manner, is income from business

Posted: 19 Nov 2012 06:26 PM PST

In the instant case, the assessee has made several transactions of purchase of shares during the relevant year. If there high volume, frequency and regularly of the activity carried on by the assessee is in a systematic manner, it would partake the character of business activities carried on by the...

Reimbursement of Expenses not covered by Section 269SS or 269T

Posted: 19 Nov 2012 06:20 PM PST

On a plain reading of the provisions of section 269SS and 269T of the Act, it is amply clear that the said provisions would be attracted when loans or deposits in excess or twenty thousand rupees are made or repaid. Thus, a basic precondition for falling within the ambit of the said provisions is...

Computerisation programme for improving management of information about cases handled by CESTAT

Posted: 19 Nov 2012 09:44 AM PST

Computerisation programme for improving management of information about cases handled by CESTAT and also communication between CESTAT and litigants before CESTAT PUBLIC NOTICE F. No. 1(1)/CESTAT/Comp/SOFT/2012, dated 16-11-2012 CESTAT, New Delhi Bench is presently implementing a computerization...

MVAT – Clarification with regards to occurrence of due date on Sunday or Public Holiday

Posted: 19 Nov 2012 09:05 AM PST

This office is in receipt of queries with regards to the admissibility of submission of returns, application for refund in Form-501, Audit Report in Form-704 or like documents and payment of amount towards VAT on the next working day immediately following due date which falls on Sunday or Public...

International Shipping Profit taxable in the country of residence of the assessee company

Posted: 18 Nov 2012 09:49 PM PST

Right or property in respect of which the shipping income is earned by the assessee i.e. ships cannot be said to be effectively connected with the permanent establishment in India . Such income, therefore, will not fall under Article 22(2) but will fall under Article 22(1) and accordingly shall be...

Validity of filtration criteria for selection process adopted by TPO to Compute ALP

Posted: 18 Nov 2012 09:28 PM PST

The main issue, in the present case, revolves around the inclusion and exclusion of the various comparable companies by the assessee as well as by the TPO by applying different filtration criteria in search for the comparable companies. The assessee has adopted the criteria of filtration for search...

Other than working capital finance, banks not permitted to finance purchase of gold

Posted: 18 Nov 2012 09:08 PM PST

In terms of extant guidelines, no advances should be granted by banks against gold bullion to dealers/traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions and/or speculative holding of stocks and bullion. In this...

XBRL Validation Tool (for costing taxonomy) likely to be released on 24.11.2012

Posted: 18 Nov 2012 08:55 PM PST

The MCA XBRL Validation Tool (for costing taxonomy) has been developed and is currently under testing. The tool is likely to be released on 24th November, 2012. Filing of the Cost Audit Report and Compliance report on the MCA portal shall be enabled thereafter.

Commissioner have no jurisdiction in respect of an order/issue considered by Commissioner (Appeals)

Posted: 18 Nov 2012 08:47 PM PST

It is evident from the order of the ld. CIT(A) that the claim of cost of production of film was a subject matter of appeal before the ld. CIT(A) and ld. CIT(A) after consideration of remand report of the AO gave his finding. Therefore, this order of the AO, undisputedly had merged with the order of...

TPO to consider objections of Assessee against the comparable selected by him to arrive at the ALP

Posted: 18 Nov 2012 08:37 PM PST

TPO as well as the DRP have not considered the objections raised by the assessee against the comparables selected by the TPO for arriving at the ALP. As seen from the submissions of the assessee, the glaring differences that appears to us are that India Products Ltd., is in the business of...

Authorized Economic Operator (AEO) programme for implementation — Revised Guidelines

Posted: 18 Nov 2012 08:24 PM PST

Attention is invited to Board's Circular No. 37/2011- Cus., dated 23.08.2011 which gives details on the 'Authorized Economic Operator' ( AEO) Programme . The said Circular contains the salient features of the AEO Programme including the processing, validations and certification of AEOs. It also...

Amendments to SEBI (Mutual Funds) Regulations, 1996

Posted: 18 Nov 2012 07:46 PM PST

Please find enclosed a copy of the gazette notification No. LAD-NRO/GN/2012- 13/17/21502 dated September 26, 2012 pertaining to Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012, for your information and implementation.

Amends Customs House Agents Licensing Regulations, 2004

Posted: 18 Nov 2012 07:40 PM PST

Notification No. 105/2012 - Customs (N.T.) Provided that licence granted to a Customs House Agent, authorized under the Authorised Economic Operator Programme, shall be valid till such time the authorization granted to the Customs House Agent under the Authorised Economic Operator Programme is...

Amends Handling of Cargo in Customs Areas Regulations, 2009

Posted: 18 Nov 2012 07:37 PM PST

Notification No. 104/2012 - Customs (N.T.) Provided that the condition of furnishing of bank guarantee or cash deposit shall not be applicable to ports notified under the Major Ports Act, 1962 (38 of 1963) or to the Central Government or State Governments or their undertakings or to the Customs...

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